News Release Issued: Jul 19, 2024 (7:00pm EDT)
To view this release online and get more information
about Boeing, visit: https://boeing.mediaroom.com/2024-07-19-Boeing-Forecasts-Demand-for-Nearly-44,000-New-Airplanes-Through-2043-as-Air-Travel-Surpasses-Pre-Pandemic-Levels
Boeing Forecasts Demand for Nearly 44,000 New
Airplanes Through 2043 as Air Travel Surpasses Pre-Pandemic Levels
- Global passenger and freighter fleet to nearly
double over the next 20 years
- Single-aisle airplanes to account for 76% of
commercial deliveries
- About half of deliveries will replace older jets
with more fuel-efficient models, improving sustainability
FARNBOROUGH, United Kingdom, July 20, 2024 /PRNewswire/
-- With air travel fully recovered and even surpassing pre-pandemic
demand, Boeing [NYSE: BA] today projected a 3% increase in airplane deliveries
over the next 20 years, with carriers requiring nearly 44,000 new commercial
airplanes by 2043. Leading into the Farnborough International Airshow, Boeing
released its 2024 Commercial Market Outlook (CMO), which also predicts emerging
markets and global single-aisle market demand will remain primary growth
drivers for the industry.
Air travel demand continues to outpace economic growth in an
increasingly connected world. Four years after the pandemic grounded most of
the global fleet, air traffic growth has returned to the long-term trend Boeing
forecast 20 years ago. Compared to 2023, passenger air traffic will rise an
average of 4.7% annually over the next two decades, according to the CMO.
"This is a challenging and inspiring era for aviation. The return
to more typical traffic growth shows how resilient our industry is, even as we
all work through ongoing supply chain and production constraints amid other
global challenges," said Brad McMullen, Boeing senior vice president
of Commercial Sales and Marketing.
CMO forecast highlights
through 2043:
- The global commercial fleet is
projected to grow 3.2% annually, more slowly than air traffic as airlines
continue to boost productivity by increasing load factors and using
airplanes more hours per day.
- The air cargo fleet, with speed
and reliability, consistently outperforms other modes of transport and
will increase by two-thirds by 2043, to support 4.1% annual air cargo
traffic growth.
Air travel trends:
- The average global airline fare
is about the same as it was 20 years ago, even as overall consumer prices
doubled.
- The number of global routes
served by commercial airlines has returned to 2019 levels, even though
nearly 20% of them are new, illustrating the adaptability of aviation in a
dynamic market.
Key growth drivers:
- South Asia passenger traffic
will increase 7.4%, followed by Southeast Asia (7.2%) and Africa (6.4%),
as emerging markets return to historical growth trends through the
forecast period.
- Eurasia is projected to lead
all markets with the most airplane deliveries (22% of total) with North
America (20%) and China (20%) close behind.
- Single-aisle airplanes will
make up 71% of the 2043 fleet after 33,380 new deliveries, serving short-
to medium-haul routes with versatility.
- The global widebody fleet will
more than double, with twin-aisles comprising 44% of the Middle East
fleet.
Services on the rise:
- Boeing expects demand for
commercial services valued at $4.4 trillion ─ driven by maintenance and
modification options and digital solutions that increase efficiency.
- With air travel expansion
especially in emerging markets, the commercial aviation industry will
require nearly 2.4 million new personnel as well as training to support
new pilots, maintenance technicians and cabin crew*.
"As airlines respond to robust passenger demand, the services
market continues to expand, not only as a result of fleet growth, but also with
an increased focus on reducing operating costs and deploying efficient and
sustainable solutions," said Dan Abraham, senior vice president of Boeing
Global Services Commercial Sales and Marketing.
New
deliveries (2024-2043) |
|
Regional
Jet |
1,525 |
Single
Aisle |
33,380 |
Widebody |
8,065 |
Freighter |
1,005 |
Total |
43,975 |
Boeing has published the CMO annually since 1961. As the longest-running
forecast of its kind, the CMO is regarded as the most comprehensive analysis of
the commercial aviation industry. The complete outlook is available at: boeing.com/cmo.
*Boeing will release its complete Pilot and Technician Outlook on July
22
As a leading global aerospace company, Boeing
develops, manufactures and services commercial airplanes, defense products and
space systems for customers in more than 150 countries. As a top U.S. exporter,
the company leverages the talents of a global supplier base to advance economic
opportunity, sustainability and community impact. Boeing's diverse team is
committed to innovating for the future, leading with sustainability, and
cultivating a culture based on the company's core values of safety, quality and
integrity. Join our team and find your purpose at boeing.com/careers
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